SHANGHAI: China's soaring house prices are like an "enemy within", the spokesman for the country's small businesses said, calling for Beijing to intensify its crackdown on the "evil housing industry".

BEIJING: China is preparing to levy a general tax on commercial property on a trial basis in two central provinces, the official China Securities Journal reported on Tuesday, June 1.

KUALA LUMPUR: In mid-May, Bank Negara Malaysia (BNM) revised its key Overnight Policy Rate (OPR) by another 25 basis points, following a rate hike by the same quantum earlier this year.

Another Win
THE BUZZ

Yesterday Sunway announced on Bursa that it has been awarded a RM209.6m contract from SunCity (NR). The job involves the earthworks, pilling and main building works for a  proposed mixed development by SunCity in Kuala Lumpur.

Eastern & Oriental
FY10 above expectations

LONDON: British property investors who managed to hang on to their assets during the worst credit crunch and economic slump in a generation are about to be dealt another blow by the country’s new government.

KUALA LUMPUR: The Malaysia Building Society Bhd (MBSB)’s pre-tax profit for 1Q2010 rose 341% to RM43 million from RM9.7 million in the same quarter last year.

Over the same period, MBSB Group also recorded an increased net profit of RM43 million from RM6 million for the same period last year.

KUALA LUMPUR: Ho Hup Construction Bhd recorded a net loss of RM3.92 million in its 1Q ended March 31, 2010, down by 29.22% from RM5.55 million posted in the same quarter last year.

Its revenue for the quarter under review eased by 55.15% to RM5.68 million from RM12.66 million in the same quarter previously.

BEIJING: Wal-Mart plans to add 10 million sq ft of retail space in China this year, reported China Daily.

The announcement was made by Scott Price, chief executive officer of Wal-Mart Asia at the Global Summit of Women 2010 held in Beijing from May 20 to 22.

“This is a huge expansion of Wal-Mart in China,” said Price.

KUALA LUMPUR: Main board-listed Eastern & Oriental Bhd (E&O) announced a robust net profit of RM75 million and recorded a strong income growth of 67% for its financial year ended March 31, 2010.

E&O’s latest financial results reflect the company’s remarkable turnaround through deliberate measures in the past 12 months.